I have to fill Income Tax Return for Salaried, but In the other case I got a Profit against Sale of Flat, which I don't want to show in Income, or even I show, I don't want to pay income tax against this profit, So pls tell me what should I do for this ??
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Profit from sale of flat
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Capital gain tax will be payable on profit from sale of flat.
It depends on what sort of transaction you have had with the buyer.
Actually I have invested that profit in transaction, to Purchase a New flat
U/s 54 Any long term capital gains arising on the transfer of a residential flat to an individual, will be exempt from tax if the assessee has within a period of 1 year before or 2 years after the date of such transfer purchased, or within a period of 3 years constructed, a residential house.
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